07 Jan 2013

A Connecticut authority has invested $1 million in Greek company Advent Technologies, which produces high-temperature PEM fuel cell membranes and components. As a result, Advent has relocated its headquarters to East Hartford, Connecticut while maintaining R&D operations in Greece. It will also establish R&D and manufacturing operations in Connecticut.

The investment was made by Connecticut Innovations (CI), the state’s quasi-public authority tasked with growing businesses in the state through financing and strategic assistance, through its Eli Whitney Fund. The investment is part of a $2.3 million funding round also involving Piraeus Capital Management, Systems Sunlight, Velti and individual investors.

Advent develops and produces materials, components and systems for renewable energy applications. Its current focus is the development and production of high-temperature proton exchange membranes (HT PEMs), high temperature membrane electrode assemblies (HT MEAs) and other HT PEM fuel cell products and systems.

Many of Advent’s products incorporate the company’s proprietary high temperature proton exchange membrane, known as Advent TPS®, which uses a pyridine-based polymer electrolyte. The company states that this aids in the retention of phosphoric acid and results in high conductivity values even for low phosphoric acid content. Advent’s HT PEMs operate in a temperature range that allows their use with fuels such as natural gas, propane, and biofuels as well as military fuels.

Russell Tweeddale, CI managing director of investments, represents CI on the board of directors of Advent Technologies Inc., now the parent company of Advent Technologies S.A.